VTG to withdraw from tank container logistics business

VTG to withdraw from tank container logistics business

VTG is discontinuing its tank container transport and logistics business and will cease these activities by the end of the second quarter of 2023.

The discontinuation of all tank container logistics activities of VTG Tanktainer also includes the closure of its international subsidiaries, with the exception of the joint venture Shanghai COSCO VTG Tanktainer Co. Ltd. However, VTG will continue and expand its tank container leasing business.

In its statement, the company said that this step was necessary in order to respond to the increasingly difficult market situation that VTG has been facing since the third quarter of 2008. A pronounced slump in demand for transport in the chemical industry and declining freight rates - partly due to the massive increase in energy costs - have been accompanied by substantial price increases in the intermodal segment. At the same time, freight costs can only be planned on the basis of prices valid for three to six months. After thoroughly examining various options, the Executive Board, in agreement with the shareholders, has taken the strategic decision to discontinue the logistics activities of VTG Tanktainer.

The tank container leasing activities - including the employees and the assets themselves - are to be transferred within the VTG Group at the Hamburg location by the end of the second quarter of 2023. Corresponding offers will be made from here in future. The other VTG Tanktainer locations in Germany, Finland, North America and Singapore will be closed by the end of 2023. The joint venture company Shanghai COSCO VTG Tanktainer Co. Ltd. in China will not be affected by these measures, the company added.

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